A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.

June 22, 2008

DODD: What the hell's going on? Harry Reid, what the hell's going on?I did my job. I'd do it again.Now I'm getting on a plane and going back to mybeach house.

REID: M.P.'s, guard the prisoner.Guard the prisoner.

DODD: What the hell –

REID: Senator Dodd, you have the right to remain silent. Anystatement you do make can be used against you in a trial bycourt-martial or other judicial or administrativeproceeding. You have the right...

DODD: I'm being charged with a crime? I'm – that's what this is – Biden! Biden!!I'm being charged with a crime? I'm-that's what'shappening? This – I'm-this is funny, you know that, this is –I'm gonna tear your eyes right outta your head and piss inyour dead skull. You fuc*ed with the wrong Senator!

REID: Senator Dodd, do you understand those rights as I havejust read then to you?

DODD: I saved homeowners. Angelo Mozilo was – there was weak link.I saved homeowners, you hear me?You fuc*in' HP'ers.You have no idea how to defend the Real Estate Industrial Complex

All you did was weaken mortgage lenders today, HousingPANIC. That's allyou did. You put homedebtors in danger. Sweet dreams, HP'ers.

LA Times: Did Bank of America write the Dodd bailout bill?

Those following the progress of the Dodd-Shelby mortgage rescue plan in the Senate might want to check out two solid pieces of enterprising reporting on the bill this weekend.

First, the Examiner's Tim Carney reports that the bailout section of the Dodd-Shelby bill is, in the words a lobbyist, "exactly what Bank of America and Countrywide wanted."

Is there a connection between Bank of America and Sen. Christopher J. Dodd (D-Conn.)? There is. Carney: "Bank of America's political action committee (PAC) has donated $20,000 to Doddsince he became chairman of the banking panel 17 months ago. From January 2007 to March 2008, Bank of America employees have donated at least $50,400 to Dodd's campaigns, according to the Center for Responsive Politics."

National Review's the Corner follows up, citing an internal Bank of America document:

"National Review Online has obtained an internal Bank of America "discussion document" on the subject of the FHA Housing Stabilization and Homeownership Retention Act of 2008, a.k.a. the Dodd-Shelby mortgage-lender bailout bill .... This discussion document (dated March 11, 2008) would appear to support the contention that BofA essentially wrote the bailout section of the bill."

Bitterrenter - even a broken clock is right twice a day. . .today the New York Times has an editorial about Dodd's Countrywide deal, and since the LA Times picked up the BofA story (from the Heritage Society of all places) things are starting to pop. . .the best outcome is that it gives Bush (another broken clock right twice a day) the political cover to veto the whole mess.

HP'ers. . .Please email the BofA story to everyone you know - especially at news organizations. . . BofA can just ask Bernake for a straight-up bailout like Bear/Morgan Stanley deal!!!

Buh buh buh according to Obama, his camp, and his mainstream media bootlickers, Dodd was a stronger contender to become VP. Dodd was a top pick to be Hussein's VP. Oops sorry about that, I shouldn't express contradictions here because, according to Keith and his herd, the Messiah is perfect.

Of COURSE Dodd is on the take. Name ONE politician that isn't = except Ron Paul.

The problem is that Dodd is asking US ( the taxpayers) to bail out BOA/CFC and other lenders in excess of $300 BILLION dollars,and despite Bush's veto threat, Dodd's buddies in CONgress have enough votes to override the veto.

It will take an ENORMOUS outcry of public opinion to stop CONgress from ramming this piece of legislature right up our A$$ES.

I think you people should dispense with formality and just start calling him "Saint Ron". The most honest man in all of America. Still a head scratcher though, why he consistently voted for pork for his district. Oh well. Perhaps that was pre-sainthood.

Maybe if libertarians had any power they'd have incidences of corruption too.

keith, harry reid is one of the most evil people in congress...in america. he hates this country and is probably up to his eyeballs in this bailout scam. it would have been more appropriate to have yourself do the arresting of dodd.

Happy Monday HP'rs!! And what a wonderful day it is, waking up to the criminal mug of Chris Dodd in this deepening hell hole of a scandal. Get this story out to everyone you know.... Here is another one that will give you the big picture--

------ASSETTS that AREN'T!!

Prospects are slim-to-none for U.S. headquartered businesses-in-general having or achieving the capacity to catalyze an economic turnaround.

**Indeed, ten major companies have more “Level 3” Assets than capital. They are (as a percentage of total shareholder equity):

Remember that the essence of a Level 3 Asset is that it has “no observable input.” That is, the company which owns a Level 3 Asset also determines its ostensible value.

**Marc - add level 2 to that and the numebrs jump 300%. Remember, level 2 assets are worth much less than par too. Everyone forgets about this chosing to focus on level 3. Level 2 would be considered alt-a while level 3 is subprime in mortgage terms.

Companies having a significant portion of their portfolios in Level 3 Assets claim that they are valuing these Assets by “Marking to (their subjective) Model.” Deepcaster’s view is that this is “Marking to Myth.”

A number of Level 3 Assets have, unsurprisingly, recently tended to be illiquid.

Reality Check: That which is illiquid has no market and therefore no market value.

Indeed, these harsh realities, and the consequences for consumers of Hyperinflation and a contracting economy, are starting to percolate into the mainstream consulting and media worlds.

““Suddenly consumers are focused on buying what they have to have as opposed to buying what they want to have,” said Howard Davidowitz, Chairman of Davidowitz %26 Associates, a New York retail consulting and investment-banking firm. “This is a permanent change for Americans who will face a declining standard of living over the next 20 years,” he added.

Senator Dodd is a criminal and an absolute embarrasment to Taxpaying citizens.

His offer of "help to keep these poor struggling homeowners in their homes" is a horribly transparent grasp at making sure his buddies at BofA and Countrywide don't have to keep taking writedowns as the foreclosures mount.

Hint HINT, Dodd! These people don't want your "help". They bought wildly-overvalued and rapidly depreciating debt traps at the height of the boom, thanks to your butt-buddy, Angelo, and now, the smart ones want OUTTA THERE at any cost!!

They are wise to your game--and you MUST step down now, or we will boot your sorry money-grubbing A$$ out!!

Buh buh buh according to Obama, his camp, and his mainstream media bootlickers, Dodd was a stronger contender to become VP. Dodd was a top pick to be Hussein's VP. Oops sorry about that, I shouldn't express contradictions here because, according to Keith and his herd, the Messiah is perfect.

Damn. This news should have broken after Hussein picked him as a running mate. Why ruin a perfect record of having criminals in your fold??

Hidden deep in Senator Christopher Dodd's 630-page Senate housing legislation is a sweeping provision that affects the privacy and operation of nearly all of America’s small businesses. The provision, which was added by the bill's managers without debate this week, would require the nation's payment systems to track, aggregate, and report information on nearly every electronic transaction to the federal government.FreedomWorks Chairman Dick Armey commented: "This is a provision with astonishing reach, and it was slipped into the bill just this week. Not only does it affect nearly every credit card transaction in America, such as Visa, MasterCard, Discover, and American Express, but the bill specifically targets payment systems like eBay's PayPal, Amazon, and Google Checkout that are used by many small online businesses. The privacy implications for America's small businesses are breathtaking."

I told you guys a year ago that this was the plan all along ..to bail out the banks...Countrywide being the biggest . The second that Dodds started talking poor homeowners ,instead of the need to investigate Countrywides alarming default rate ,and the pump and dump of stocks that Mozilo did,you could see the way it was going .

Do you see what a Obstruction of Justice this bail out would be .A Obstruction of Justice for Mozilo to face the music of his acts as a Major lender who corrupted the market .

Go back to the spin that was coming out of Mozilo's mouth when he got caught holding the bag on all those loans when the secondary market turned .

It's was clear from day one that the spin campaign came hard and heavy from Dodds regarding the poor homeowners that can't make their payments. Pretty odd that Dodds didn't examine the fraud aspect of liar loans and Countrywides high default rate .

The second clue that it was a lender bail-out was the fact that Dodds felt the need to have the loan amounts raised ,in a declining market.Let me just say that in a declining market lenders lower the amount they want to lend ,not increase it .It's a obstruction of justice to bail out lenders and borrowers that committed fraud .You have to let it go the way of civil or criminal legal remedy .

Do you think the clause in the Housing Bill about the government buying already foreclosed houses has anything to do with bailing out borrowers ?

The problem with letting any of these bills pass are that they will start out with figures and than just increase them as time goes on as needed .

The housing Bill is the biggest OBSTRUCTION OF JUSTICE case in the history of America .

Look ,If lenders need to be bailed out ,the government can give them loans . Your not going to like it when they raise your taxes to cover the bail-outs of Mozilo and other creeps like him .

Would the American People really approve The housing bill bail-outs if they knew that few borrowers would really benefit from it ,and most of the defaults are from fraudulent borrowers anyway ?

They have been passing off Countrywides bad loans off already to FHA for a number of months now.